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'2 - <br /> <br />shall express upon their faces the purpose for which they are issued and <br />that they are issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement afore- <br />said, and any unexpended balance remaining in the improvement fund after the <br />costs and expenses of said improvement have been p~id, shall be applied to <br />the payment of said notes and the interest thereon until both are fully <br />provided for. <br /> <br /> Section 7. That subject to the rejection of said notes by the <br />Director of Finance for investment in the Bond Retirement Fund~ said notes <br />shall be sold by the Director of Finance at private sale at an interest rate <br />not exceeding that set forth in Section 4 hereof and at not less than the par <br />value thereof; and the Director of Finance is hereby authorized and directed <br />to deliver said notes, when executed, to the purchasers upon payment of the <br />purchase price. The proceeds of such sale's~$11 be.~aid 'into ~he pr6per fund <br />and used for the purpose for which said notes are being issued under the <br />provisions of this ordinance. <br /> <br /> Section 8. Said notes shall be thefull general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City are <br />hereby pledged for the prompt payment of the Same, The par value to be <br />received from the sale of the bonds anticipated by said notes and any excess <br />funds resulting from the issuance of said notes shall to the extent necessary <br />be used only for the retirement of said notes at maturity~ together with <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided~ however~ <br />that during the year or years while such notes run there shall be levied on <br />all the taxable property in said City~ in addition to all other taxes, a <br />direct tax annually not less than that which would have been levied for the <br />City's portion of said notes~ if bonds had been issued therefor without the <br />prior issue of said notes. <br /> <br /> Said tax shall be and is hereby ordered computed, Certified~ levied <br />and extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxes for general purposes for each of <br />said years are certified~ extended and collected. Said tax shall be placed <br />before and in preference to all other items ~nd for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund~ which, together with the interest collected on <br />the same shall be irrevocably pledged for the payment of the principal and <br />interest of said notes or the bonds in anticipation of which they mre issued <br />when and as the same fall due. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance~ having been declared to be an <br />emergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the M~yor. <br /> <br />Robez't Wendling <br /> <br />President of Council <br /> <br />Approved: July 16.. 19.68. ~ <br /> <br />Grace Reynolds <br /> Clerk of Council <br /> <br />~ayor <br /> <br /> <br />